China has welcomed Nepal's new Constitution and pledged to carry out feasibility study of over a dozen projects related to infrastructure, energy and trade with the Himalayan state.
China in a joint statement yesterday at the conclusion of visiting Nepal Prime Minister K.P. Sharma Oli's business in Beijing said it regarded the promulgation of the Constitution as a historic progress in the political transition of Nepal.
"The Chinese side sincerely hopes that Nepal could take this opportunity to realise its political stability and economic development," read the joint statement, reports Kathmandu Post.
Oli's major highlight during the visit has been the signing of the agreement on transit and transport between both nations.
The agreement will come into effect after completion of protocol and upgradation of the necessary infrastructure on the border.
Nepal has decided to establish a Consulate General office in Guangzhou, close to the Chinese port Tianjin, the closest one from Nepal's border to facilitate the new transit agreement.
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Both nations have also agreed to establish a Dialogue Mechanism on Energy Cooperation to facilitate the long-term planning of cooperation in this area, including trans-border power grid, hydro-power and solar power among others.
Nepal has agreed to take necessary steps to facilitate Chinese enterprises and their investment in the country while, Chinese side has agreed to provide financial support on preferential terms for Pokhara Regional International Airport that ensures construction of the regional airport in Pokhara.
China on Nepal's request has accelerate the feasibility study of the, Araniko Highway Repair and Opening Maintenance Project and the Repair and Opening Maintenance Project of Syaphrubesi-Rasuwagadhi Highway and build the bridge over the Karnali river at Hilsa of Pulan/Yari port.
The Arankio Highway also called Kodari Highway has not been in operation following the earthquake last year.
The two sides also agreed to synergise each other's development planning, formulate appropriate bilateral cooperation programmes and carry out major projects under the framework of the Belt and Road Initiative.
Beijing and Kathmandu has also agreed to conclude commercial deal on the supply of petroleum products from China to Nepal.
China has agreed to build oil storage facilities for Nepal and will send experts to carry out feasibility study on oil and gas resources research.
Both countries will exchange ideas and proposal on constructing cross border railways and railways network in Nepal.
The two sides have also agreed to start the joint feasibility study of China-Nepal Free Trade Agreement and conclude the study to the earliest possible.